Clairvolex, an intellectual property asset management firm, based out of India and US, has raised $3.5 million (approx ₹24 crore) in Series B round funding led by California-based Walden Riverwood Capital. The round also saw participation from IndusAge.
The company will invest the infuse funds to deepen its artificial intelligence AI-based IP solutions platform LEAP‘s market penetration, expand its sales and marketing footprint in the US and Europe.
“Patent Management & Monetisation is a $180 billion market globally. We developed our AI-enabled tech platform LEAP based on more than a decade of our experience managing patent portfolios to deliver significant benefits to patent holders in the management, prosecution, and monetisation of these assets. LEAP is currently being deployed for several large patent holders based in the US and Europe market. We are aiming to manage 10-15 percent of patents of the top 50 tech IP owners by 2025,” Manoj Pillai, CEO of Clairvolex, said.
Founded in 2007 by Manoj Pillai, Clairvolex is a pure-play IP asset management firm that manages and develops patents.
It is a strategic patent portfolio development partner to companies such as General Electric, Ericsson, Philips, Amazon and Qualcomm.
Clairvolex claims that it is the only Indian company funded at both Series A and B rounds by Silicon Valley-based investors.
Earlier, the company had raised $8 million in Series B and $4 million in Series A. These funds were used to build and launch LEAP-IP.
Whereas, LEAP is an AI and machine learning (ML) enabled unified IP portfolio development and management platform, which was incubated in India and engineered jointly with the Silicon Valley for global markets. It essentially helps businesses to enhance the value of IP and patent portfolios.
Various other players in this field includes Allen & Overy, Herbert Smith Freehills, Pinsent Masons, etc.